Word: petrodollar
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Dates: during 1970-1979
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...replaced by swapping: oil companies could exchange Iranian crude with other companies that have equal amounts of non-Iranian petroleum. Nor in theory should the freezing of Iranian bank assets prove especially disruptive to money markets or the banking system. The Tehran government's estimated $6 billion in petrodollar holdings is only a fraction of the more than $150 billion that big international banks move back and forth among each other every day. Withdrawing the Iranian funds would, by itself, hardly cause much more than a momentary ripple...
This process, known as petrodollar recycling, has pushed up the debts of the less developed nations to $300 billion. Many nations are so weighed down with debt that bankers are growing wary of lending them more. Yet if they cannot borrow, poor countries will have trouble importing more oil. Without energy, their economies will slump, exports will shrivel, and they may default on existing loans. At the extreme, that would threaten some of the lending banks with failure, and the U.S. Federal Reserve would have to push the money printing presses into overdrive to bail them out by advancing huge...
...educators have been stumbling over each other in Iran during the past year as word spreads that the petrodollar-rich country badly needs academic expertise-and is willing to pay dearly for it. Faced with dwindling income from endowments, foundations and the Federal Government, college administrators from Harvard to the University of Southern California have headed for the Middle East to offer Iranians training and advice in everything from the latest audio-visual techniques to the peaceful uses of atomic energy...
...Murray Gart and Assistant Publisher Lane Fortinberry, with the help of TIME bureau chiefs in the Middle East. For the travelers, the tour provided a unique opportunity to learn firsthand about a geopolitically vital region, and to pose hard questions to heads of state on oil and investment policy, petrodollar recycling and the prospects for war or peace. The access granted to the group by Middle East rulers was well merited; collectively, the businessmen on the TIME tour represented companies that employ more than 1½ million people and had 1974 sales of nearly $100 billion. TIME'S contingent...
...record numbers last month on their way to make the annual hadj or pilgrimage to Mecca had to share facilities with another brand of pilgrim. These had business suits and attache cases instead of shaved heads and white prayer garments, and they were seeking slices of the vast petrodollar expenditures...